All Forum Posts by: Chad Gaddie

@Corey Jacques What is the cost of the uncompleted repairs? If it is relatively minor, chalk it up to a learning lesson. If it is worthwhile, document the failure to repair via photographs and rattle the cages of the realtors.

@Amie D.It sounds like it is time for a fresh start with someone else.

@Michael You If they are local, take a field trip to go look at the properties. You can learn a lot from this. Are they half finished? If so, the borrow probably just ran out of money. Are they occupied? If so, maybe the project was finished and they are just trying to cut you out of the proceeds. If it is close enough to being done, maybe you can strike a deal to take back the property and finish the deal yourself. Also, you never know who you might run into over there... a chatty neighbor can provide a lot of intel.

@Benny Morfas I was a young investor several years ago with the opportunity to buy a 4 plex in a low income area. I asked other seasoned investors about it and they told me to pass. Since I was smarter than them, I bought it anyway. Sold it as a loss a few years later. Gained a lot of experience, lost a fair amount of money.

@Byron W. Is it worth it to you to immediately have a vacancy and turnover expense for a non-smoking unit? Take the risk that a new tenant won’t be as good? I’d look at it as though the damage is already done and I’d cash the checks as long as they want to stay.

@Alex Nelson I have a love / hate relationship with sprayers. You really have to ask the hard question of how much you will really use it. If you will use it a lot, then it is worth the learning curve. If you will use it infrequently, it is a hassle to get it ready, learn to be good at spraying, and cleaning.

@Ryan Luby I’d try to negotiate an easy buy-out first. If that doesn’t work, casually mention that your brother is a cop that will be spending a lot of off-duty time at the property working on repairs. As a bonus, he will also be making sure that his other cop buddies keep an eye on the place too - just so nothing gets stolen during the renovation.....

@Burt Gourley The place looks good.

@Maureen Nixon I think it would be pretty risky to be out of state and contemplating a high crime area. I’d either keep looking, or keep saving to buy in a better spot.

@Amanda Berry I’ve done something similar to what Ryan mentioned. If the first year works out well, I’ll offer them half off a month if they sign for another year. I feel like I save money & time on the turnover costs and vacancy. You probably want to mention this around month nine, before they start seriously thinking about another place.